WatchPace of Canadian housing starts falls in April with Ontario Quebec leading

OTTAWA — The pace of Canadian housing starts slowed in April to the lowest level in three months.Most regions of the country saw increases in urban starts on a seasonally adjusted basis but there were declines in Ontario and Quebec.Canada Mortgage and Housing Corp. says the seasonally adjusted rate for housing starts last month was 191,512 units — down from 202,375 in March and 217,320 units in February.Vancouver houses are overvalued, but CMHC says price acceleration isn’t a concernPriced out of detached homes, Toronto buyers turn to condos — even in the suburbsOntario’s seasonally adjusted rate for urban starts fell to 62,672 in April from 85,518 in March, while Quebec’s urban starts fell to 27,423 from 29,696.The seasonally adjusted rate also fell in rural areas to 16,702 from 19,098.In terms of types of housing, urban multiple-dwelling starts fell by 4,945 to 117,851 and single-detached housing starts fell by 3,522 to 56,959.The CMHC’s six-month trend in April was 195,064 units — down from 196,103 in March.

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